Morocco on Wednesday launched a new funding program named “Cap Hospitality” with a budget of 4 billion MAD to enhance and upgrade hotels.
The Ministry of Tourism, Crafts, Social and Solidarity Economy, alongside the Ministry Delegated for the Budget, the Mohammed VI Fund for Investment (FM6I), and the Moroccan Society of Tourism Engineering (SMIT), jointly signed the agreement to launch the initiative that is targeting renovation for 25,000 rooms.
The Cap Hospitality initiative is part of endeavors to modernize Morocco’s accommodation capacity in response to the continued increase in tourist arrivals and upcoming sports events such as 2025 AFCON and the 2030 World Cup.
During the 2024-2025 period, the initiative will offer a loan to eligible hotels undertaking upgrade projects ranging from 3 to 100 million MAD in investments, whereby the State will cover all interest on the loan over a repayment period of up to 12 years, including a 2-year grace period.
The Ministry of Tourism, Crafts, Social and Solidarity Economy, and the SMIT will assess the eligibility of hotels based on predetermined criteria while banks will administer the credit agreements.
Minister of Tourism, Crafts, and Social and Solidarity Economy Fatim-Zahra Ammor highlighted the “urgency of boosting investments in tourist accommodation to enhance facilities and services through the integration of advanced technologies for memorable visitor experiences”.
Fouzi Lekjaa, the Minister delegate to the Minister of Economy and Finance, in charge of the Budget, underscored the importance of preparation and investment in infrastructure, including improving the necessary hotel capacities to meet the needs of the 2030 World Cup.
Mohcine Jazouli, the Minister delegate to the Head of Government for Investment, Convergence, and Policy Evaluation, highlighted the crucial role of the tourism sector in fulfilling national goals, such as achieving 550 billion MAD of investment and generating 500,000 jobs by 2026.
The Cap Hospitality initiative will be available to all tourist accommodation facilities in Morocco that have not undergone renovation in the last five years and will cover a number of areas including renovation, compliance projects, and the acquisition of furniture and equipment.
Interested tourist accommodations should submit their applications through the platform https://smit.gov.ma/caphospitality before July 15, 2024.